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As its shares pop in Friday's session, pharmaceutical giant AbbVie Inc. (ABBV) posted a fourth quarter revenue beat and raised its long-term sales guidance for new drugs Skyrizi and Rinvoq by $4 billion.
BMO Capital Markets managing director Evan Seigerman sits down with Seana Smith and Brad Smith on the Morning Brief to speak about AbbVie's drug research and product pipeline, especially as sales of immunosuppressant Humira fell dramatically by 49%.
"They talk a lot about some of their efforts in oncology, some of their efforts in neuroscience. Yes, they had some disappointing news last year with their schizophrenia drug, but they are moving forward with other assets in Parkinson's and oncology."
The senior biopharma research analyst also weighs in on Robert F. Kennedy Jr.'s secretary of the Department of Health and Human Services (HHS) confirmation hearing and how pharma stocks like Pfizer (PFE) and Merck (MRK) may be impacted:
"There's been a lot of rhetoric over the past couple of days with the confirmation hearings. I've always said HHS is a very complicated organization. I'm still most focused on... the head of the FDA [Food and Drug Administration], potentially Martin McElroy. That's really important because that's kind of the critical agency for the biopharma sector."
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This post was written by Luke Carberry Mogan.